U.K. Home Prices Drop the Most in 1 1/2 Years as Recession Bites
This article is for subscribers only.
U.K. house prices dropped the most in 1 1/2 years in April as a stamp-duty exemption for first-time buyers ended and the economy fell into its first double-dip recession since the 1970s, Halifax said.
Prices dropped 2.4 percent from March, the largest monthly decline since September 2010, to an average 159,883 pounds ($258,700), the mortgage unit of Lloyds Banking Group Plc said in a statement in London today. Prices had risen 2.2 percent in March. From a year earlier, values were down 0.6 percent.